Serba Dinamik

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More questions raised after Serba Dinamik's lawsuit against special independent reviewer EY

by Adam Aziz

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... eviewer-ey

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Serba Dinamik takes another hit

TA Securities Research ceased its coverage on the energy-service provider.

“We estimate Ebitda at RM660mil, which considers Ebitda in 2018 to 2019, and factors in queries raised by KPMG over the earnings quality from certain customers, including inventory and receivables”.

Its previous external auditor KPMG highlighted questionable transactions worth RM4.5bil.

Source: The Star

https://www.thestar.com.my/business/bus ... nother-hit

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Serba Dinamik posts first quarterly net loss since listing, says board trying to resolve audit issue

by Seah Eu Hen

Serba Dinamik Holdings Bhd posted a net loss of RM42.11 million or 1.14 sen per share for its first quarter.

Revenue for the quarter was RM799.35 million, down 33.8% from RM1.21 billion in 4QFY21.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... udit-issue

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Serba Dinamik slips into PN17 status as auditor expresses disclaimer of opinion on accounts

by Justin Lim

It has 12 months to regularise its financial condition, failing which it could be delisted from Bursa Malaysia.

Nexia SSY PLT said a number of factors had constrained its completion of the group’s audit, including the non-availability of the report on the independent review conducted by Ernst & Young Consulting Sdn Bhd (EY).

The unaudited financial statement showed a profit after tax of RM758.38 million, as compared to a loss after tax of RM185.37 million in the audited financial statement released on Thursday.

Serba Dinamik said the deviation was due to the impairment of trade receivables made by subsidiaries of the group amounting to RM395 million, which was underprovided during the release of the financial statement.

It added that the deviation was also due to an inventory write-down of RM552.6 million due to the disruption and termination of several projects undertaken by the group.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... n-accounts

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MATERIAL LITIGATION

SERBA DINAMIK HOLDINGS BERHAD ("SDHB" OR THE "COMPANY") VS ERNST & YOUNG CONSULTING SDN BHD ("EY CONSULTING")

The Board of Directors of SDHB wishes to inform that all the relevant parties attended before the Court on 6 January 2022.

The Court fixed the hearing of the Company’s application to join Securities
Commission Malaysia and Bursa Malaysia Securities Berhad as a party to the existing proceeding on 8 February 2022.

https://www.bursamalaysia.com/market_in ... id=3228086

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MATERIAL LITIGATION

SERBA DINAMIK HOLDINGS BERHAD ("SDHB" OR "THE COMPANY") Update on the Originating Summons filed by Bursa Malaysia Securities Berhad

The Board of Directors of SDHB wishes to inform that all the relevant parties attended the hearing of the Originating Summons on 17 January 2022.

The Court has fixed the decision on 10 February 2022.

The Company will make further announcement as and when th ere are material developments on the above matter.

https://www.bursamalaysia.com/market_in ... id=3228084

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Serba Dinamik confident of getting back on track in two years

With some operations showing positive year-on-year improvement, particularly the information and communications technology (ICT) and education segments.

“The group has to bite the bullet to impair the trade receivables due to time constraints and travel restrictions in certain countries where the group is operating,” he said.

Other significant updates were the group's decision to submit its regularisation plan, including issues relating to debt restructuring and remaining competitive in the current business climate.

Source: Bernama

https://www.theedgemarkets.com/article/ ... -two-years

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Serba Dinamik reports net loss of RM290.32mil in Q2

Nexia SSY PLT, which was appointed to replace former auditor KPMG, said it was not able to obtain “sufficient appropriate audit evidence” to provide a basis for an audit opinion on the financial statements. This was mentioned in Serba Dinamik’s annual report for 2021, which was released after a long delay.

KUALA LUMPUR: Serba Dinamik Holdings Bhd reported a net loss of RM290.32 million in its second quarter ended Dec 31, 2021, on the back of a revenue of RM177.14 million.

In a filing with Bursa Malaysia, it said the second quarter revenue decreased 77.8 per cent from the immediate preceding quarter, mainly due to slower activities in the operations and maintenance segment, especially from Qatar, the United Arab Emirates and Malaysia.

"Overall the group incurred a gross loss of RM165.9 million, with a reduction of RM234.8 million against its first quarter of 2022 financial year,” it said.

Serba Dinamik has changed its financial year end from Dec 31, 2020 to June 30, 2021. Hence, there is no year-to-year comparisan quarter as yet.

Source: Bernama

https://www.thestar.com.my/business/bus ... 2mil-in-q2

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SC lodges police report against Serba Dinamik

Challenged SC’s motive of pressing charges against a select few (two directors and two executives) but not the entire board.

Also Challenged the SC to provide documentation exhibiting:-
1. How RM6.01 billion in revenue was entered into the company's ledgers
2. How such entries were false statements and
3. Questioned how the FY20 revenue figure alone, in the announcement of the company's fourth-quarter results, could have been tampered with, noting that it was the cumulative revenue figure for the four quarters of the year.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... ba-dinamik

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Co-founder Awang Daud sells remaining stake in Serba Dinamik

by Izzul Ikram & Shazni Ong

Awang Daud sold 9.9 million Serba Dinamik shares, or a 0.267% stake, for 10 sen apiece in open market transactions.

On the back-of-envelope-calculation, this translates into RM990,400, when the transaction took place on May 13.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... arkets.com